This review article by Merz et al. (2010) discusses the importance of economic flood damage assessments in the context of flood risk management and adaptation planning. Despite significant research efforts, there remains a mismatch between the relevance of damage assessments and the quality of available models and datasets. The paper highlights the need for more empirical and synthetic data collection, consistent and reliable data provision, and thorough uncertainty analysis in damage modeling. It emphasizes that flood risk assessments often focus more on hazard assessment than on damage assessment, and suggests that advancements in flood damage assessment could benefit other natural hazard areas. The article also provides a comprehensive overview of the types of flood damage, spatial and temporal scales, basic economic principles, and direct monetary damages, including classification of elements at risk, exposure analysis, asset assessment, and susceptibility analysis. It concludes by discussing different economic sectors and their specific approaches to flood damage assessment, such as residential, industrial, and infrastructure sectors.This review article by Merz et al. (2010) discusses the importance of economic flood damage assessments in the context of flood risk management and adaptation planning. Despite significant research efforts, there remains a mismatch between the relevance of damage assessments and the quality of available models and datasets. The paper highlights the need for more empirical and synthetic data collection, consistent and reliable data provision, and thorough uncertainty analysis in damage modeling. It emphasizes that flood risk assessments often focus more on hazard assessment than on damage assessment, and suggests that advancements in flood damage assessment could benefit other natural hazard areas. The article also provides a comprehensive overview of the types of flood damage, spatial and temporal scales, basic economic principles, and direct monetary damages, including classification of elements at risk, exposure analysis, asset assessment, and susceptibility analysis. It concludes by discussing different economic sectors and their specific approaches to flood damage assessment, such as residential, industrial, and infrastructure sectors.